A life vest from a Titanic survivor goes on sale at a unique auction.

A life vest used by a Titanic survivor will go on sale this weekend at an unusual auction, described as an opportunity that comes along "once in a generation." The vest — which is expected to fetch a price between US$ 339,000 and US$ 474,000 — is the only one belonging to a survivor of the 1912 tragedy that has come up for auction, according to the British auction house Henry Aldridge and Son. The garment was worn by Laura Mabel Francatelli, a first-class passenger on the historic ocean liner, which sank 114 years ago, precisely this week. When the RMS Titanic set sail on April 10, 1912, it was the largest passenger ship in service and was considered "unsinkable." Just four days later, the Titanic's maiden voyage turned into an international tragedy when the ship struck an iceberg in the North Atlantic at 11:40 p.m. on April 14. The ship, which sank in less than three hours, did not have enough lifeboats for the approximately 2,220 people on board. Only about 700 people survived. We recommend reading: Francatelli worked as a secretary for fashion designer Lucy Duff Gordon and was traveling to Chicago with her employer and her husband, Cosmo Duff Gordon. The three managed to survive after boarding lifeboat number one. Signed by Francatelli himself and by other people who were rescued in that same boat, the beige-colored vest features 12 canvas pockets filled with cork, as well as shoulder pads and side straps, according to the description of the item published on the auction house's website. The piece is part of a larger auction of collectible objects related to the Titanic and the White Star company, which will be held this weekend at the headquarters of Henry Aldridge and Son. Andrew Aldridge, the auction house's CEO, stated that it is one of the "most iconic" objects to have come up for sale from the ill-fated ship. "Simply put, this life vest represents a once-in-a-generation opportunity for collectors; it is the only example from a Titanic survivor ever offered at auction," he stated in an email sent to CNN this Thursday. "Although the Titanic sank 114 years ago, every man, woman, and child on board had a story to tell; so, in essence, we have more than 2,200 chapters and today we present those stories through these pieces of memorabilia. This life jacket is undoubtedly one of the most emblematic Titanic objects ever offered at auction," he pointed out. According to Aldridge, the vest is being sold by someone who "has decided that the time has come to pass the torch to another collector."

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Previously, the piece has been on display at Titanic Belfast — the museum located on the same site where the ship was built —, as well as at the world's largest Titanic museum, located in Pigeon Forge, Tennessee.